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Digital transaction has become a day of life particularly in urban locations. It will not be far that each mobile holder will also have debit and credit cards in his/her pocket. With the emphasis on cashless currency, even a small transaction will be carried out through these gadgets until card less system (iris recognition, finger print recognition etc.) is developed in future. Despite banking systems attempting many safeguards in cashless transactions, frauds of cards are unabated. Moreover, very little precautions are taken by the shopkeeper to verify authentication of cardholder.

Recently my credit card was hacked when I received  sms indicating a transaction. I knew it was fraudulent transaction as the place at which it was done was overseas. Immediate reaction was to block card to avoid further transactions. Hence I dialed customer care number which is generally IVRS (interactive Voice response System). Those who have experience going through IVRS will vouch that ordeal starts thereafter. Generally this no. is difficult to get. If lucky, one is greeted with voice record to press number to choose language (Hindi/English/local). Then second recorded message falls on your restless ears to link mobile no with AADHAAR   which is clearly audible being at very slow pace. By then you have lost your patience and you are unable to comprehend fast messages being bombarded thereafter for selection process starting from 1 to 7 to choose lots of alternative like loss of credit card, loss of debit card, insurance, loan, other banking service etc. If you lose track and take time to understand and select required alternative, the voice recorder will be prompt to declare “time out” and then you are back to square one. After overcoming all these jugglery you are greeted with human voice (after long wait) that is generally unconcerned of your anxiety. Then his queries start at snail’s pace. By the time he is convinced about real issue and takes action, some more fraudulent transactions takes place.  My appeal to Reserve bank is to direct all the banks to modify their IVRS to ensure prompt action.

Following are some of my suggestions.

If someone presses selection for loss of card or noticing any fraudulent transaction, he should be taken directly bypassing all other unnecessary questions on IVRS to reasonably efficient representative to block card.
Blocking card through net banking system.
Photo identification on the card.
All the ATMs are provided with single button to block card.
Cards to have transaction only in Indian cities and in Indian Rupees unless otherwise requested otherwise.
Cards to have daily limit of transaction instead of cumulative limit unless otherwise requested.

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